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April unemployment surged beyond 15% in 13 cities, including nine cities in California. At the same time, 93 other cities posted unemployment figures of 10% or more. "I truly can't recall the last time I went through a workday without hearing about the job situation here," said Alan Steele, business adviser at the Indiana Small Business Development Center and a resident of Elkhart, Ind., which had the biggest year-over-year unemployment increase.

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A large budget deficit will result in a sustained economic crisis, Federal Reserve Chairman Ben Bernanke said in congressional testimony. While acknowledging that the ballooning deficit is in large part a function of government efforts to address short-term problems, Bernanke warned that "unless we demonstrate a strong commitment to fiscal sustainability in the longer term, we will have neither financial stability nor healthy economic growth." The deficit is expected to double to more than 82% of the economy by the end of the next decade.

A group of financial-industry organizations sent a letter to Treasury Secretary Timothy Geithner saying changes to an accounting rule should be adopted "cautiously and seek to minimize any chilling effect on our frozen credit markets." The changes, which could mean some companies would have to raise more capital, would force companies to move some off-balance-sheet vehicles, known as qualifying special purpose entities, onto their books.

The Obama administration plans to explain its proposal to reform financial regulation June 17, a source said. The plan is expected to be a blueprint for Congress as lawmakers try to restructure oversight of financial institutions and securities. On June 18, Treasury Secretary Timothy Geithner will testify before a House panel about the proposal, the source said. Lawmakers and the administration are striving to pass regulatory reform legislation by the end of the year.

CPAs need their businesses to be on the Web, but they also may need to do this inexpensively in a slow economy. This article shows you how to get on Google Maps. To find out about the AICPA's affordable search-engine marketing program with Google, click here.

Based upon a poll of corporate chief financial officers, most companies won't add staff in the third quarter, and aren't likely to start hiring until they are sure that an economic recovery is on the way. However, this may not be a problem for experienced accountants and auditors. More than one out of five CFOs said they are having a hard time filling senior accounting and audit positions.